The management of Truelove Corporation is considering a project that would require an initial investment of $345,020 and would last for 7 years. The annual net operating income from the project would be $29,200, including depreciation of $45,260. At the end of the project, the scrap value of the project's assets would be $28,200. (Ignore income taxes.)

Required:

Determine the payback period of the project. (Round your answer to 2 decimal places.)